Deputy Charlie McConalogue says the banks involved in the tracker mortgage scandal must outline a clear timeline for a compensation plan for their customers.
The Inishowen TD was speaking ahead of a Fianna Fáil motion on the issue, which will be debated in the Dáil this week.
“Thousands of customers across the country have been impacted by the banks failure to honour their contracts. There are families in Donegal who have lost thousands of euros as a result of these actions, but to date, no one has been held accountable. This is a shocking situation”, said Deputy McConalogue.
“Not only are these customers out of pocket because they were forced onto the wrong interest rate, in many cases they are still waiting for the banks to repay the money owed to them. Some people have gone into mortgage arrears because they could not afford the inflated repayments. Despite this, the banks appear to be continuing to drag their feet on this issue.
“Only one in four customers have received compensation from their bank – that leaves almost 10,000 others in limbo. Fianna Fáil is bringing forward a motion in the Dáil tomorrow calling on the banks, the Central Bank and the Government to activate measures to help resolve this issue and to ensure that compensation is paid to customers without delay.
“We also want to be a stay put on any repossession proceedings that are related to this tracker mortgage scandal until all of the affected customers have been redressed and compensated.
“These customers have experienced untold stress and trauma as a result of their treatment at the hands of the banks. We need to work to ensure that they are properly compensated and that this compensation is paid out without any further delays,” concluded Deputy McConalogue.
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